Stocks now trade at higher valuations than just before 1929 crash.
Main measure is Shiller CAPE ratio (or P/E10). It looks at current price vs average earnings of last 10 years (adjusted for inflation).
In September 1929, CAPE reach about 32.5.
Today in June 2026, CAPE sit at 40 to 41+.
This is second highest ever, only dot-com peak in 1999 was higher (around 44).
Historical average is around 17.
Other measures like Buffett indicator (market cap to GDP) also at record highs, over 200%.
GuruFocus current CAPE: https://www.gurufocus.com/economic_indicators/56/sp-500-shiller-cape-ratio
YCharts data: https://ycharts.com/indicators/cyclically_adjusted_pe_ratio
BREAKING: Stocks are now more expensive than they were before the Great Depression
— Kalshi (@Kalshi) June 17, 2026
BREAKING 🚨: Semiconductor Stocks
Semis plunge by almost 6%, their 2nd largest loss since October 2025 📉📉 https://t.co/grJ2SEYiks pic.twitter.com/Crltf2BwD9
— Barchart (@Barchart) June 17, 2026
Realizing SpaceX is pumping because 96% of the stock is locked and nobody can actually sell pic.twitter.com/Ye6d1ExSXj
— Bark (@barkmeta) June 16, 2026
We are living through the greatest era of fraud since 1929
— Financelot (@FinanceLancelot) June 17, 2026
Many reports show fraud explode now. Social media scams cost people $2.1 billion in 2025 alone, up 8 times from 2020. Investment scams biggest part.
SEC handle many Ponzi schemes and fraud cases. They get big money back like $17.9 billion in FY2025 but much from old case.
AI deepfakes make new fraud easy. Cases with fake video/audio rise over 2000% in few years. Experts call this “greatest era of fraud” because of tech.
UK has record 444,000 fraud cases in 2025. US government improper payments hit $186 billion in FY2025.
Compare to 1929: That time had big speculation, insider tricks, no real rules. Today more regulation but still lots fraud in crypto, AI hype, retail scams.
Bloomberg on 2026 look like 1929 (speculation part): https://www.bloomberg.com/news/articles/2026-06-10/why-2026-is-beginning-to-look-like-1929
GAO improper payments: https://www.gao.gov/fraud-improper-payments